Leasehold estate

About: Leasehold estate is a research topic. Over the lifetime, 1589 publications have been published within this topic receiving 21480 citations. The topic is also known as: leasehold & tenancy.

Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market

Abstract: Hong Kong has been using the leasehold system of land management rather than freehold since its colonial era This system controlled and presently still controls uses of leased land through leasehold conditions Many leases granted decades ago thus require formal modifications to lease conditions to formalize proposed changes in land use, or to realize the actual present economic value of the land, or to reflect the current market demands From a real options analysis perspective, these land use conversions and analysis of real options associated therewith are significantly more complex than typical stylized land development real options encountered in academic literature and research There is thus considerable interest in obtaining empirical evidence of the performance of real options valuation in land development applications, where options associated with land development rights are substantially constrained due to regulatory influences The aim of this research is to outline major factors in operationalizing academic real options research for practical application in a particular land market with significant regulatory constraints, and then test two propositions derived from academic real options literature using actual residential real estate development projects in Hong Kong which require leasehold land conversion under statutory planning and zoning regulations as source of data Typically past land use conversions in Hong Kong required developers to acquire raw or other redevelopable land through private negotiations with initial land lease owners and to wait for public provision of infrastructure and services, before applying for formal and legal conversion from a lower to higher land use Our study concentrates on the period between when land is acquired and when actual construction of the development starts, and as becomes clear, the regulatory framework that governs land development significantly narrows typical real options as perceived in academic land development literature Keyword: Lease modification; real option; empirical testing

Assessing management costs and tenant outcomes in social housing: recommended methods and future directions

Abstract: This study confirmed that existing official performance measures of Australia’s social housing services are inadequate to measure efficiency and effectiveness. Working closely with six larger community housing providers and two public housing providers, the research team developed and trialled a new performance framework. This involved collecting data for social housing expenditure, conducting workshops with managers and staff, and surveying recent tenants. The researchers found the proposed framework be immediately applicable for large community housing providers. Public housing providers encountered more obstacles in applying the model, including specifying boundaries of housing management, and capturing back office costs. An advantage of the new framework is that it seeks to capture all aspects of the work of social housing providers from providing efficient and effective tenancy and property management services through to enhancing tenants’ welfare and quality of life. For example, across the community housing case studies, 81 per cent of management outlay went to tenancy and property management, and only 19 per cent on individual support or tenant and community services. Nevertheless, the study also showed that case study community housing providers were more able to support their tenants to reduce rent arrears and tenancy complaints, and explore ‘place management’ and community development activities compared to larger public housing agencies. It also highlighted that few public and community housing staff felt they could prioritise employment or training opportunities for tenants. The study also suggested improvements to outcome measures. For example, the key indicator of tenant outcomes in social housing is tenancy sustainment, but this could be improved by limiting its focus to ‘at risk’ tenancies. Similarly, present indicators of tenant employment outcomes could be improved by limiting measurement to those that are ‘work capable’ (factors, e.g. disabilities and pregnancy contribute to social housing access but bias employment participation downwards). Robust information on efficiency and effectiveness of social housing is essential for public accountability. The framework and metrics proposed in this study offer a way forward and, despite challenges in implementation in the public sector, would illuminate public debates around subsidy of social housing, and could be implemented with government leadership and coordination.

Managing a Tenancy: Young people's pathways into and sustaining independent tenancies from homelessness

Abstract: Due to their disproportionate risk of tenancy non-sustainment there have been concerns raised for young people making a pathway out of homelessness into independent living. Despite these concerns, there has been limited research looking at how young people experience tenancy sustainment or where they move onto after terminating a tenancy. This thesis, drawing on Bourdieu’s (1990a) theory of practice, presents a reconceptualisation of tenancy sustainment as a practice of sustaining a tenancy. The theoretical-empirical analysis is based on data collected through longitudinal research involving two waves of semi- structured interviews with 25 young people, aged 16-25, who had recently made a pathway out of homelessness into their own independent tenancies. The interdependency between a tenant and their tenancy presented young people with pressures which they developed techniques of independent living in response to in order to sustain their tenancy and make it a home. Young people not only had a particular housing position of being a tenant, they held family and education-employment positions which took part in the formation and shaping of the pressures they experienced living independently. Tenancies were not seen as an end in themselves by young people who desired, through the experience of sustaining a tenancy, increasingly independent positions within their other social positions as well. An uneven process of actually existing neoliberalism across policy areas through its influence on young people’s constellation of interdependent relations also created a dissonance within the positions held by young people fostering social suffering. Young people ending a tenancy viewed this as a ‘step backwards’ when it meant decreasing independence such as a return to supported accommodation; ambivalence where it arose from the end of a relationship; and as a move forwards, or ‘getting on with life’, when making a youth transition and housing pathway towards establishing their own family household.